First-Time Home Buyers' Guide  

Most buyers don’t know all the programs they qualify for when buying a home in Victoria BC. Understanding these before you start searching can meaningfully change your financial picture.

1) Proptery Transfer Tax (PTT) Exemption - Up to $8,000 saved

Eligible first-time buyers purchasing a home for $500,000 or less may receive a full exemption from BC’s Property Transfer Tax. 

For homes valued over $500,000 and up to and including $835,000, the maximum exemption is $8,000. A reduced exemption applies to homes valued over $835,000 but under $860,000. At $860,000 or more, the first-time-buyer PTT exemption is no longer available. 

Eligibility includes Canadian citizenship or permanent-resident status and BC residency or tax-return requirements. You must not have previously owned a registered interest in a property that was your principal residence anywhere in the world or previously received a first-time-buyer exemption or refund. 

The buyer must generally move into the home within 92 days of registration and continue occupying it as their principal residence through the first anniversary. 

2) First Home Savings Account (FHSA) - Up to $40,000 in lifetime contributions per eligible person. Tax-free!

An eligible first-time buyer receives $8,000 of contribution room in the year their first FHSA is opened. Additional room is added annually, subject to limited carry-forward rules and a lifetime contribution limit of $40,000. 

Contributions are generally tax-deductible, while qualifying withdrawals—including investment growth—are tax-free and do not need to be repaid. 

If both members of a couple qualify, each person may open and contribute to their own FHSA. Because contribution room does not begin accumulating until an FHSA is opened, opening one early can be beneficial even if you are not ready to buy immediately. 

3) RRSP Home Buyers’ Plan - Up to $60,000 per eligible person or $120,000 for an eligible couple

The Home Buyers’ Plan allows an eligible buyer to withdraw up to $60,000 from their RRSP toward the purchase or construction of a qualifying home without immediate tax consequences. 

If both members of a couple qualify and have sufficient funds in their respective RRSPs, they may potentially withdraw up to $120,000 combined. 

The withdrawal is not permanently tax-free. It must generally be repaid to the buyers’ RRSPs over a period of up to 15 years. If a required annual repayment is missed, that amount will generally be included in the buyer’s taxable income. 

The Home Buyers’ Plan and FHSA may be used together for the same qualifying home purchase. 

4) GST / HST New Housing Rebate - Save up to $50,000 on a qualifying new home

Eligible first-time buyers purchasing a qualifying newly built or substantially renovated principal residence may receive a rebate of 100% of the GST on a home valued at up to $1 million, to a maximum rebate of $50,000. 

The rebate is gradually reduced for qualifying homes valued between $1 million and $1.5 million. No first-time-buyer GST rebate is available when the home is valued at $1.5 million or more. 

For most homes purchased from a builder, the purchase agreement must have been entered into on or after March 20, 2025 and before 2031. Construction, completion, ownership, occupancy and other eligibility requirements also apply. 

Each first-time-buyer program has its own eligibility definition and requirements. Buyers should confirm their eligibility with the appropriate government agency and their lawyer, notary, accountant or mortgage professional before relying on an exemption or rebate.

NOTE: Understanding which programs apply to your specific situation can save you tens of thousands of dollars. Part of my role as your Realtor is making sure you’re aware of every tool available to you — and connected with the right mortgage professional to maximize what you qualify for.

Separate must-haves from nice-to-haves. Stay open to value-strong neighbourhoods just outside your first choice — that flexibility can make homeownership realistic right now.

Before you visit a single property, get clear on what you actually need — and what you’re willing to let go of. This makes the search faster and prevents months of looking at the wrong homes.

What to think through:

Consider the number of bedrooms and bathrooms, the property type that suits your lifestyle (detached, townhouse, condo), how much outdoor space matters, your preferred neighbourhoods, commute and proximity to work or transit, and whether square footage or location takes priority.

Divide your list into three columns: must-haves, nice-to-haves, and deal-breakers. That clarity shapes every search decision that follows.

One thing I always tell first-time buyers: be open to the neighbourhoods just outside your first choice. Langford, Colwood, View Royal, Saanich, and Esquimalt can offer significantly better value than the downtown core while still delivering an excellent quality of life.

When you choose Florencio as your real estate agent, he will represent you— not the seller, not both sides. Florencio has specific training in buyer representation and a professional obligation to your interests alone.
 

Get Victoria MLS alerts the moment new listings match your criteria. Visit in person, drive the neighbourhoods, and refine your sense of what you’re looking for. Your wish list will evolve — that’s normal.

All offers in BC must be submitted in writing through the Contract of Purchase and Sale. Your conditions — financing, home inspection, title review — are your protection. Don’t skip them on your first purchase.
 

Finalize your mortgage approval, complete the home inspection, arrange home insurance, and have your lawyer review title. Your deposit (typically 5%) goes into trust once conditions are removed.

Your lawyer prepares the transfer documents, coordinates with your lender, and registers the sale at the Land Title Office. On possession day, your Realtor hands you the keys.